Your 70s should be a time to enjoy what you’ve spent decades working toward. For many people, the early part of this decade is an opportunity to travel, spend more time with family and friends, pursue hobbies, and finally make room for some of the things that were difficult to prioritize during their working years.

That doesn’t mean financial planning takes a back seat. In fact, having a solid financial plan can make it easier to enjoy this stage of life without constantly worrying about whether your money will last. The focus has simply changed. Instead of concentrating primarily on building wealth, you’re now managing the assets you’ve accumulated and using them to support the life you want.

Make Time for the Things You’ve Been Waiting For

If you’ve spent decades saving for retirement, don’t forget why you were saving in the first place. The early years of retirement can be some of the best years to travel and experience new things, particularly while you’re healthy and able to enjoy them.

Whether you’ve always wanted to visit a certain country, take a long road trip, spend more time with grandchildren, or finally pursue a favorite hobby, make room for those experiences in your financial plan. Retirement spending doesn’t have to be limited to the essentials. Your plan should account for the things that make retirement enjoyable.

Create a Retirement Income Plan

Once you’re no longer receiving a regular paycheck, your income may come from several places. Social Security, pensions, retirement accounts, and investment portfolios can all play a role.

Your spending may also change over time. Travel and other discretionary expenses may be higher early in retirement, while healthcare and other costs could become more significant later. Reviewing your withdrawal strategy as your circumstances change can help your income keep pace with your actual needs.

Stay on Top of RMDs

Required Minimum Distributions are an important part of financial planning for many retirees. Taking the appropriate amount from retirement accounts each year can help you avoid penalties, but the decision shouldn’t be viewed in isolation.

RMDs can affect your taxable income and may influence other parts of your financial plan. Coordinating withdrawals with Social Security, pensions, and other income sources can help you make better use of your retirement assets and manage your tax situation.

Keep Your Investments Working

Retirement doesn’t necessarily mean your portfolio should stop growing. For many people, retirement can last 20 or 30 years, which means inflation remains a concern.

Your portfolio still needs to support you over a long period of time. Finding the right balance between investments that provide stability, investments that generate income, and investments that offer long term growth is an important part of managing retirement assets.

Review Your Healthcare Coverage

Healthcare expenses can become a larger part of your budget as you get older. Medicare coverage, supplemental insurance, prescription costs, and other medical expenses are worth reviewing regularly.

Your healthcare needs can also change over time, so the coverage that made sense several years ago may not be the best fit today. Keeping an eye on these costs can help you make more informed decisions about your overall retirement budget.

Keep Your Estate Plan Current

Estate planning in your 70s is about more than deciding who receives your assets. It also involves making sure someone you trust can step in and make financial or healthcare decisions if you’re unable to do so.

Review your will, trusts, beneficiary designations, powers of attorney, and healthcare directives. If your family or financial circumstances have changed, your documents may need to change with them.

Be Careful With Financial Scams

Financial scams have become increasingly sophisticated, and retirees are often targeted because scammers know they may have significant savings and investment assets.

Be cautious about unexpected calls, emails, texts, or investment opportunities that create a sense of urgency or promise unusually high returns. If you’re unsure about something, take the time to verify it with someone you trust before sending money or providing personal information.

Give Thoughtfully

For many people, retirement provides more opportunity to think about how they want to use their wealth. That might mean helping children or grandchildren, supporting a favorite charity, or sharing experiences with the people who matter most.

If charitable giving is important to you, there may also be tax considerations worth discussing as part of your broader financial plan. Giving can be both personally meaningful and financially thoughtful when it is incorporated into the plan.

Talk With Your Family

Your financial plan doesn’t have to be a private conversation. Sharing your general wishes with the people closest to you can make things easier if they ever need to help manage your affairs.

Make sure family members or other trusted individuals know where important documents are located and understand your preferences regarding healthcare and finances. These conversations may not always be easy, but having them before they’re needed can prevent confusion later.

Enjoy the Retirement You’ve Built

By your 70s, financial planning should support more than just a number on a statement. Your money should give you the ability to spend your time in ways that are meaningful to you, whether that means traveling, spending time with family, volunteering, pursuing hobbies, or simply enjoying a slower pace.

The goal isn’t to spend without a plan or to worry about every dollar. It’s to understand what you can comfortably afford and then enjoy it. Regularly reviewing your income, investments, healthcare costs, estate plan, and giving goals can help keep your finances aligned with your life as it changes.

Retirement is the reward for years of planning and saving. Your financial plan should help you enjoy it.